Senate moves to enforce use of Nigerian-made vehicles in MDAs
The Nigerian Senate is working on a new law that will make government ministries and agencies (MDAs) buy cars made in Nigeria. The bill has passed its second reading and is moving closer to becoming law. The bill is called the ‘Local Automotive Industry Patronage Bill, 2025’. Senator Patrick Ndubueze from Imo North sponsored the […]
Naira continues appreciation at official foreign exchange market
Nigeria’s currency, the naira, showed a mixed performance on Tuesday as it continued to strengthen in the official foreign exchange market but fell slightly in the black market. According to data from the Central Bank of Nigeria (CBN), the naira appreciated slightly at the official rate, moving from N1,600.44 per dollar on Monday to N1,600.030 […]
Naira continues depreciation against dollar across official, black FX markets
The Naira’s struggle against the dollar continues, with its value dropping on Thursday in both the official and black market exchange rates. According to the latest data from the Central Bank of Nigeria (CBN), the official exchange rate saw the Naira fall further to N1609.64 per dollar, compared to N1,608.60 the day before. This means […]
Crude oil sales in Naira will continue – FG
The Federal Government of Nigeria has confirmed that it will continue selling crude oil and refined products in Naira. This decision is part of a long-term plan to help the country’s economy by reducing its dependence on foreign exchange and improving local refining. The confirmation was shared on April 9 via the Federal Ministry of […]
Binance executive, Gambaryan reveals three Nigerian lawmakers who demanded $150m bribe
In January 2024, Binance executive Tigran Gambaryan was detained by Nigerian authorities, and he has since revealed disturbing details of his experience. In a social media post, Gambaryan shared that three Nigerian lawmakers demanded a $150 million bribe in cryptocurrency during a meeting, which he described as a “Mickey Mouse operation.” According to Gambaryan, he […]
EFCC arraigns man for selling Cartier diamond bracelet in dollars in Lagos
On February 5, 2025, the Economic and Financial Crimes Commission (EFCC) arraigned Precious Chimaobi Uzondu before the Federal High Court in Ikoyi, Lagos. Uzondu is facing two charges related to allegedly refusing to accept Naira as payment for a Cartier diamond bracelet. The case was heard by Justice A.O. Owoeye. The EFCC has accused Uzondu […]
Adeboye Says God Prevented Naira from Dropping to ₦10,000 per Dollar
Pastor E.A. Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), recently shared his thoughts on Nigeria’s economic struggles, especially the falling value of the naira. Speaking at the Special Holy Ghost Congress in Abuja, Adeboye said that if it hadn’t been for God’s intervention, the naira might have plummeted to ₦10,000 […]
Naira Ranks Among World’s Worst Performing Currencies
Recent reports have highlighted a troubling trend for the Nigerian naira, which has been listed among the ten worst performing currencies in the world, according to Bloomberg. This ranking reflects broader economic challenges faced not only by Nigeria but also by several other African nations. In the global economy, currency performance is often a reflection […]
CBN Offers Dollars to BDCs at N1,580/$ to Increase Market Liquidity
The Central Bank of Nigeria (CBN) has introduced a new policy to increase the availability of foreign exchange in the market. As part of this effort, the CBN is selling dollars to Bureau De Change (BDC) operators at the rate of N1,580 per dollar. This was announced in a circular signed by W.J. Kanya, acting […]
CBN Sells $876.26 Million at N1,495 per Dollar in Latest Retail Dutch Auction
In a significant move to manage the rising demand for dollars and stabilize the naira, the Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction on Wednesday. During this auction, the CBN sold a total of $876.26 million at a cut-off rate of N1495 per dollar. This auction was held under the Retail Dutch […]